2021 Marks 45 Years of EC Dollar Peg to US Dollar
Media Release Courtesy the Eastern Caribbean Central Bank
Basseterre, St Kitts and Nevis – The EC Dollar remains strong after 45 years of being pegged to the US Dollar at a fixed rate of EC$2.70 to US$1.00 on 7 July 1976.
The EC dollar serves as a source of stability for the people of the Eastern Caribbean Currency Union (ECCU) and the fixed exchange rate provides them with confidence in its value. On the international level, the stability of the value of the EC dollar provides ECCU’s trading partners and external creditors with the assurance they need to pursue transactions.
One key element in maintaining the value and stability of the currency is the ECCB’s management of the region’s pool of foreign reserves which has allowed the peg to continue unchanged for the last 45 years.
The stability of the EC Dollar can be attributed to the founding fathers and framers of the currency union, including past Governors, the Monetary Council and the Board of Directors whose efforts have allowed the currency to remain stable in spite of various threats to the global economy over the years.
About the Eastern Caribbean Central Bank:
The Eastern Caribbean Central Bank (ECCB) was established in October 1983. The ECCB is the Monetary Authority for Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Christopher (St Kitts) and Nevis, Saint Lucia and Saint Vincent and the Grenadines.
